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Microhoo! Drama Part 512,301,234

MS <3's Yahoo

Yes folks, the Microhoo! drama continues.

The latest news brings us an update on Carl Icahn's attempts to replace the Yahoo! board with his own pick of "Yes!" men so that he can sell the company to Microsoft: in order to avoid a potentially bloody proxy battle, Yahoo! has compromised with Icahn and agreed to expand the Yahoo! board from 8 to 11 members, making Icahn and two members of his choosing part of the board.

In case you haven't been following the latest developments, Icahn, who owns a 5% share of Yahoo!, was extremely disappointed with Yahoo!'s decision to not sell to Microsoft and threatened to use the next investor meeting (in early August) to stage an investor mutiny and replace the Yahoo! board with members that would give the Microsoft buy-out proposal "full consideration."

This latest development is designed to stave off Mr. Icahn's megalomaniacal tendencies.

Yahoo makes agreement with Icahn [BBC]

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